IDBI Bank officers and employees have announced a nationwide strike on 2 and 3 November 2026. This movement has also got the support of United Forum of Bank Unions (UFBU). In such a situation, there is a possibility that banking services will be affected on these dates. However, the extent of impact on services will depend on the participation of employees in the respective banks and branches.
The joint forum of IDBI Bank officers and employees has planned a protest over their demands. The movement will culminate with a two-day nationwide strike on 2 and 3 November. UFBU has said in the letter written on 22 October 2026 that it will support this movement. Besides, it has also appealed to its members to participate in the protest programs of IDBI Bank employees. UFBU has also released its program of protest programs in support of the IDBI Bank employees’ agitation. After this incident, bank customers are advised to complete the important work on time and keep checking with the bank about the availability of services during the strike.
Opposition to selling stake in IDBI Bank
The main reason for this movement is the decision of the government and Life Insurance Corporation of India (LIC) to sell their stake in IDBI Bank. UFBU is opposing the plan to sell a total of 60 per cent stake of the government and LIC to Canadian investor Fairfax Financial Holdings. UFBU says that IDBI Bank is a profitable bank and has a large number of customer deposits. Selling the stake of such a bank to a foreign investor raises questions about public ownership. The organization believes that this decision is not in accordance with the thinking of self-reliant India.
Cited the old assurance of the government
UFBU has also mentioned an old assurance of the government in its letter. According to the organization, during the discussion in Parliament in December 2003 on abolishing the law related to IDBI and converting it into a banking company, the then Finance Minister Jaswant Singh had assured that the government would maintain at least 51 percent stake in IDBI. UFBU says this assurance was recorded in Parliament and later confirmed to the committee. The organization is expressing its concern regarding the ownership of the bank on this basis.
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